Unlock document.
This document is partially blurred.
Unlock all pages and 1 million more documents.
Get Access
According to the Wage and Hour Law, 14 is the minimum working age for most
nonfarm jobs.
An operating system consists of inputs, processes, and outputs of a small business.
Equal partnership is advisable in order to facilitate decision making.
Convenience goods are high-priced items, which are bought infrequently, and for which
the customer compares prices.
Most people-related challenges faced by family-owned businesses result from
interactions of business necessity with family values and relationships.
Specialization should be used in very small businesses.
Standing orders simplify the purchasing procedure and allow for long-range planning.
Once the choice of a legal form for a new business has been made, it cannot be changed
until the business is dissolved or sold.
Extending credit decreases the potential for sales.
When sales are made on credit, the firm must carry the costs of production itself for an
extended period.
Some franchisers prefer franchisees who own a large number of franchise outlets
because it speeds their growth.
Family-owned business entrepreneurs usually make good general managers.
Methods and procedures provide employees with standing instructions for performing
their jobs.
Information on actual operational performance comes through some form of feedback.
Even very small businesses need formal systems for keeping records.
